NEW YORK | 570 5th Ave (Extell) | 567 FT | 32 FLOORS

[NYguy]

We still don’t know what version of this tower will be built, but it will rise here on the skyline among giants…


https://www.instagram.com/p/CsbwDTROPop/

[NYguy]

JULY 3, 2023

[NYguy]

https://www.pincusco.com/south-koreas-igis-is-new-lender-for-extell-supertall-site-in-midtown-west/

South Korea’s IGIS is new lender for Extell supertall site in Midtown West


August 1, 2023

South Korea-based IGIS Asset Management through the entity IGIS USA LLC bought a note with an original principal of $185 million from JPMorgan Chase secured by Extell Development’s 13-parcel development site at 570 Fifth Avenue at the corner of 46th Street in Midtown West, Manhattan. Extell is expected to build a supertall skyscraper on the site.

The loan closed on July 10, 2023 and was recorded on July 31, 2023. The prior lender was JPMorgan Chase which held debt that had a most-recent loan amount of $185 million, which was down from a high of $340 million in 2019.

In June 2023, the Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 576 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.

https://www.pincusco.com/korean-firm-pla...ave-adjacent-to-large-extell-assemblage/

Korean firm plans demo of 576 Fifth Ave. adjacent to large Extell assemblage





June 8, 2023

The Korean apparel manufacturing and investment firm Sae-A Trading Co. Ltd., through an LLC, filed to demolish 476 Fifth Avenue, a 57,352-square-foot office building at the corner of Fifth Avenue and 47th Street. It’s the only building on the west side of Fifth Avenue between 46th and 47th Street that developer Gary Barnett of Extell Development did not acquire in his 10-year assemblage of a potential supertall site.

The New York Post first identified the owner of the parcel as Sae-A Trading Co. Ltd. in an article published in February 2022. The firm bought the building in July 2021 for $101 million under the name SJD, LLC, and at the time the buyer’s true identity not disclosed.

In 2019, PincusCo reported that Barnett had bought out partners and obtained $440 million in debt for the assemblage.

The applicant, Jae Kim of Sae-A Trading America, declined to comment. Gary Barnett did not immediately respond to a request for comment.

[streetscaper]

Yet another nice building bites the dust on 5th Ave






And don't forget what we lost next door:





Absolutely deplorable

[Busy Bee]

Unfortunate but not surprising. I suspected this was up their sleeve the whole time. Keeping the handsome old building would have made for a more interesting project. Their loss... well... our loss. Money talks and the expanded footprint is obviously more lucrative.

[Zapatan]

That's sad, we better get a massive supertall out of this and not some 800 footer.

[NYguy]

We still don’t know who’s working with who. But I always suspected that the delay in starting the approvals process had something to do with changes or proposed changes to the site itself. Real estate assemblage is a long game in NY.

[NYguy]

AUGUST 6, 2023

One more awaiting demo...

[NYguy]

Originally Posted by NYguy

https://www.pincusco.com/korean-firm-pla...ave-adjacent-to-large-extell-assemblage/

Korean firm plans demo of 576 Fifth Ave. adjacent to large Extell assemblage





June 8, 2023

Of course, they wait until it's too late to try for landmarking....CB5 meeting


https://www.cb5.org/cb5m/calendar/2023-september/

Tuesday, August 29th, 2023, at 6:00pm

- 576 5th Avenue, Howard Building, a request for landmarking.

[HyperPower]

CB5 knew about the demolition of the entire block for years and the Korean company purchasing 576 Fifth Ave. on behalf of Extell for almost two. Smells like typical cronyism and pockets greased.



Remember folks, fourty + years ago developers wanted to take a wrecking ball to Grand Central Terminal... Jacqueline Kennedy Onassis saved it in 1978.

"Greed is NOT good!"
Gordon Gekko

[mrnyc]

Originally Posted by NYguy

Of course, they wait they get paid off to wait until it's too late to try for landmarking....CB5 meeting


https://www.cb5.org/cb5m/calendar/2023-september/

ugh

this better be a razzle dazzle monster of a tower.

[NYguy]

The CB5 discussion begins at the 2:19 mark...



• Video Link

[Busy Bee]

That's almost unwatchable, which is why I didn't watch it. Who's got the TLDW synopsis?

[NYguy]

Originally Posted by Busy Bee

That's almost unwatchable, which is why I didn't watch it. Who's got the TLDW synopsis?

You mean, you weren't riveted by the testimony? Basically, the first (or one of) jewelry business to move when the diamond district moved uptown was in that building. However, there have been many changes to the original building, but he wants to salvage what is left.

[Busy Bee]

Thanks

Watching some of these zoom meetings is a special kind of agony.

[NYguy]

Full demolition was approved on August 29, 2023 for 576 5th Avenue. Now we wait to see modified plans for 570.
















AUGUST 3, 2023


Standing ready to come down...

[NYguy]

Demo moving forward on the final piece...

[NYguy]

OCTOBER 29, 2023

[mrnyc]

goodbye jewelers on fifth building.

you were a real one.

salute.

[NYguy]

^ Yeah, it's in it's final days now.

On another note, I wish we had an idea exactly what Barnett intends to build. Now that they have a solid footprint, maybe they will officially start the approvals process (they were so close before). Or maybe they'll just decide to build something as-of-right. Either way, skyline watchers want to know.